Canadians Believe in Small Business

A recent study conducted by a chartered bank during national Small Business Month (October 2011) finds that Canadian consumers are willing to go the extra mile to support small business. From coast-to-coast, Canadians believe it’s important to support local business, and are willing to do so by telling others about favourite local businesses (85%), walking or driving further to purchase from a small business (63%), and, despite a dragging recession, even pay more (43%) in order to buy local.

These are powerful statements of consumer loyalty, and small business owners should make a conscious effort to tap into this power. If you don’t already, ask your customers regularly to tell their friends and neighbours about your business. To make it even easier for your customers to become your sales force, create a promotion centered around referrals, and put it in the hands of your most loyal customers to share, with benefits to them, their friends, or both.

This study also gathered accolades for the small business community. Canadian consumers recognize and appreciate that small businesses offer improved access to products and services, create local employment opportunities and provide leadership in their community. How can you leverage consumers’ admiration for entrepreneurial ventures in these areas? Focus on communicating the unique products and services you offer. Inspire employees to be champions for your business, not just when they are at work. Participate in good works in your community with similar objectives as yours, and take on a leadership role.

Finally, this survey also had some suggestions for small business owners from the general public: personalize your service to differentiate yourself from chains and franchises; increase advertising so consumers are aware of your offerings and special promotions; and offer competitive prices (note, they said “competitive” not “low”, so think value-for-money, not price point.) Take some time in the next week to assess your customer service strategy, marketing strategy and pricing strategy, if you haven’t done so in the last year. This is where customers want you to be the best you can be; this is what is meaningful to them.

Tap into the respect consumers have for entrepreneurs and the small business sector, and make sure you are leveraging it to propel your business forward.